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The Ronin price has plunged 26% in the last 24 hours to trade at $2.67 as of 4:44 a.m. EST on trading volume that soared 73% to $115 million.
Yesterday, RON’s price experienced a surge to a high of $3.5, coinciding with an announcement from Binance hinting at an upcoming listing. However, just five hours after Binance started trading RON at 16:30 UTC, the price of RON started to decline due to allegations of Binance members’ involvement in a pump-and-dump scheme related to Ronin.
Binance co-founder Yi He unveiled measures to prevent similar incidents, including offering a $5 million bounty for any information that leads to identifying and removing corrupt Binance employees.
感谢今天所有关心币安，热爱币安，支持币安的朋友们，也收到了很多建议，我都有认真一条条看。过去偶尔有关于币安上币信息泄漏的激烈讨论，通常是一些尚未发布代币的项目，社区为了保持热度过度宣传并不鲜见；但今天RONIN上币公告发布后RONIN价格下跌引发了社区激烈讨论，经过内部调查发现是之前集成公…
— Yi He (@heyibinance) February 5, 2024
Despite the plunge, RON maintains in a general bullish trend, with its price staying above the $2.5 price support to shield itself from significant declines. RON remains at a year-high peak, recording a 208% increase. However, RON’s market capitalization has dipped below yesterday’s $1 billion threshold, currently at $779 million.
Ronin Price Maintains Bullish Stance Above The Bullish Pennant
The Ron price indicates a correction initiated by the bears at $3.56, preventing the bulls from further profiting.
The bulls had propelled the price from the $0.43 support, driving the price to $2.18, forming the bullish pennant pattern, indicating a bullish trend continuation. Resiliently, Ronin traders took advantage of the pennant reaching the $3.56 high.
The technical indicators support the momentum as the price trades above the 50-day and 200-day simple moving averages (SMA) with a moving average cross at $0.73, affirming the bullish momentum.
Furthermore, the Relative Strength Index (RSI) is trending below the overbought region of 70 but above the 50 midline level. A rebound in price could see the RSI surge back to the overbought region of 70.
Ronin Price Maintains A General Bullish Bias, Bulls Targets To Reclaim $3.56 Mark
The RON price has maintained a bullish outlook. If the momentum continues, the bulls could reclaim the $3.56 high. A further push above this level could see the price touch the $4 level.
However, if the bears maintain the downtrend, they could drive the price further, forcing the bulls to find a haven at the $2.22 support zone coinciding with the upper boundary of the pennant.
As traders await a reliable signal to add more orders, investors are in rush to acquire the Meme Kombat token, which is surging remarkably in its presale project.
Meme Kombat (MK) Crosses $8.2 Million Milestone With Hard Cap Set At $10 Million
The Meme Kombat (MK) presale has secured over $8.2 million as it hurtles towards its $10 million hard cap with tokens priced at $0.279.
Solana Mainnet-Beta is currently experiencing performance degradation as mentioned by @laine_sa_.
Validators and core engineers are investigating the situation; we're keeping a close eye to keep you updated. https://t.co/VSzOAAvIXV
— SolanaFM (@solanafm) February 6, 2024
With the major Solana outage today potentially affecting confidence in meme coins on its network, more money might start flowing to competing meme coins like MK that run on the Ethereum ecosystem.
$46k $MK buy came in this morning🤩
LFG!!! pic.twitter.com/K094sN1LxE
— Meme Kombat (@Meme_Kombat) February 6, 2024
Already, in what looks like a response to the Solana chain’s downtime, a substantial purchase of MK tokens amounting to $45,000, which is roughly equivalent to 19.9 ETH, was closed today.
$46k $MK buy came in this morning🤩
LFG!!! pic.twitter.com/K094sN1LxE
— Meme Kombat (@Meme_Kombat) February 6, 2024
Join Meme Kombat Now, Stake, Earn Rewards
The meme Kombat platform offers AI-generated battles by bringing together GameFi and meme characters. This unifying factor allows you, as a player, to wager on your preferred meme characters, giving you a chance to get rewards when your chosen characters win.
You can stake your acquired MK tokens, guaranteeing a 113% annual percentage yield (APY).
Pick your winner. This would be a fierce battle⚔️ pic.twitter.com/dk0ZKzD7LL
— Meme Kombat (@Meme_Kombat) February 1, 2024
The Meme Kombat NFTs launch will follow with a visually appealing design. These NFTs guarantee significant utility in MK Season 2 of Kombat, offering a distinctive fusion of art and functionality.
Are you hyped for the #MemeKombat NFTs? ⚔️
We're working to launch them and get them into your hands soon! pic.twitter.com/aPW8S7ZHTg
— Meme Kombat (@Meme_Kombat) January 31, 2024
The Meme Kombat project has attracted the attention of YouTuber and crypto analyst Jacob Bury, who predicts the potential for a 10X value increase on launch.
To buy the MK tokens, connect your Web 3 wallet on the official Meme Kombat website and exchange your ETH, USDT, or BNB for MK tokens.
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